Electrical Equipment Market Report 2024 (Global Edition)

Global Electrical Equipment Market Report 2024 Market Size Split by Product (Wiring devices , Batteries and accumulators , Electronic and electrical wires and cables , Others), by Application (Tran...

Electrical Equipment Market Report Description

We have various report editions of Electrical Equipment Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.

Competitive Landscape of the Electrical Equipment Market

In the competitive landscape of the electrical equipment market, several key players dominate the industry, competing globally to offer a wide array of products and solutions. Established multinational corporations such as Siemens AG, General Electric Company (GE), ABB Ltd., Schneider Electric SE, and Eaton Corporation plc. hold significant market share and possess extensive product portfolios spanning power generation, distribution, and utilization equipment.

Electrical Equipment Industry News

In March 2022 - Anritsu Company has launched its Emerging Technology Testing Solution, which combines its industry-leading 220 GHz VectorSta broadband vector network analyzers (VNAs), cutting-edge laboratory, and a team of measurement experts.

(Source: https://www.anritsu.com/en-au/test-measurement/news/news-releases/2022/2022-03-15-au01)

In March 2022 - Fluke has introduced a new clamp meter family that makes electrical measurements much safer for servicing and maintenance technicians. The Fluke 377 FC and 378 are non-contact voltage True-RMS AC/DC clamp meters that enable technicians to conduct rapid electrical tests without the risk of coming into contact with potentially hazardous live parts.

(Source: https://www.powertransmissionworld.com/fluke-launches-clamp-meters-with-non-contact-voltage-measurement/)

Top Companies Market Share in Electrical Equipment Industry: (In no particular order of Rank)

• ABB Ltd.
• BGR Energy Systems Ltd.
• Bharat Bijlee Ltd.
• Bharat Heavy Electricals Ltd.
• EMCO Ltd.
• ETA Elektrotechnische Apparate GmbH
• Fuji Electric Co. Ltd.
• General Electric Co.
• Kirloskar Electric Co. Ltd.
• Larsen and Toubro Ltd.
• Murugappa Group
• Schneider Electric SE
• Shilchar Technologies Ltd.
• Siemens AG
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Electrical Equipment Market

Which Region will dominate the Electrical Equipment Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America asserts dominance in the electrical equipment market for several reasons. Firstly, the region boasts a robust industrial base and advanced infrastructure, driving significant demand for electrical equipment across various sectors such as manufacturing, utilities, commercial buildings, and residential construction. Moreover, North America is home to several leading multinational corporations specializing in electrical equipment manufacturing, including Siemens, General Electric, and Eaton, which possess extensive technological expertise and global market reach.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific emerges as the fastest-growing region in the electrical equipment market due to several key factors. Firstly, the region's rapid industrialization, urbanization, and economic growth drive substantial demand for electrical infrastructure and equipment across various sectors such as manufacturing, construction, and utilities. Moreover, Asia-Pacific is home to some of the world's largest and fastest-growing economies, including China, India, and Southeast Asian countries, which present significant opportunities for market expansion.

The current report Scope analyzes Electrical Equipment Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!

Middle East and Africa Electrical Equipment Market

According to Cognitive Market Research, the global Electrical Equipment market size was estimated at USD 1600152.5 Million out of which Middle East and Africa market ofaround 2% of the global revenue with a market size of USD 32003.05 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.The electrical equipment market presents a landscape influenced by infrastructure development, industrialization, and energy demand. Regional analysis highlights the Middle East and selects African countries as key players in the market, with countries like Saudi Arabia, UAE, and South Africa driving market growth. Segmentation analysis reveals various product categories within the Middle East and Africa electrical equipment market, including transformers, electricity meters, distribution boards, circuit breakers, and others. In conclusion, the Middle East and Africa region offer promising opportunities for the electrical equipment market, underpinned by infrastructure development, industrialization, and efforts to improve energy access.

• According to Cognitive Market Research, the GCC Countries Electrical Equipments market size was valued at USD 13697.31 million in 2024 and is projected to grow at a CAGR of 7.5% during the forecast period. Electrical Equipment sales flourish in the GCC Countries due to the region's infrastructure development, industrialization, and energy demand.
• The Egypt Electrical Equipments market is projected to witness growth at a CAGR of 7.0% during the forecast period with a market size of USD 3360.32 million in 2024.
• The South Africa Electrical Equipments market is projected to witness growth at a CAGR of 7.7% during the forecast period with a market size of USD 5056.48 million in 2024.Electrical Equipment sales flourish in the South Africa due to the region's infrastructure development, industrialization, and efforts to improve energy access.
• The Turkey Electrical Equipments market is projected to witness growth at a CAGR of 6.2% during the forecast period with a market size of USD 2752.26 million in 2024.
• The Nigeria Electrical Equipments market is projected to witness growth at a CAGR of 5.8% during the forecast period with a market size of USD 3360.32 million in 2024.
• The Rest of MEA Electrical Equipments market is projected to witness growth at a CAGR of 5.7% during the forecast period with a market size of USD 3776.36 million in 2024.

North America Electrical Equipment Market

According to Cognitive Market Research, the global Electrical Equipment market size was estimated at USD 1600152.5 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 640061.00 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031. In North America, the electrical equipment market showcases a robust landscape marked by technological advancements, stringent safety standards, and diverse market segments. Regional analysis reveals North America as a key hub for electrical equipment manufacturing, with established players such as General Electric, Siemens, and Eaton dominating the market. Segmentation analysis highlights various product categories within the North American electrical equipment market, including transformers, electricity meters, distribution boards, circuit breakers, and others. In conclusion, North America presents a dynamic and promising landscape for the electrical equipment market, characterized by innovation, reliability, and stringent safety standards.

Country Analysis

• According to Cognitive Market Research, the US had a major share in the Electrical Equipment market with a market size of USD 505008.13 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. The demand is amplified by the nation's robust landscape marked by technological advancements; stringent safety standards propel consistent growth. 
• The Canada Electrical Equipments market had a market share of USD 76807.32 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. Canada's innovation, reliability, and stringent safety standards to increased usage of Electrical Equipments.
• The Mexico Electrical Equipments market is projected to witness growth at a CAGR of 5.7% during the forecast period with a market size of USD 58245.55 million in 2024.

Europe Electrical Equipment Market

According to Cognitive Market Research, the global Electrical Equipment market size was estimated at USD 1600152.5 Million out of which Europe market of more than 30% of the global revenue with a market size of USD 480045.75 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031. The electrical equipment market demonstrates a mature and diversified landscape, driven by technological innovation, stringent regulatory standards, and sustainable development initiatives. Regional analysis underscores Europe's leading position in the global electrical equipment industry, with key players such as Siemens, Schneider Electric, and ABB contributing to the market's prominence. Segmentation analysis reveals a wide array of product categories within the Europe electrical equipment market, including transformers, electricity meters, distribution boards, circuit breakers, and others. In conclusion, Europe presents a dynamic and evolving landscape for the electrical equipment market, characterized by innovation, regulatory compliance, and sustainable development.

• The United Kingdom Electrical Equipments market had a market share of USD 80647.69 million in 2024 and is projected to grow at a CAGR of 6.3% during the forecast period. In the UK, Electrical Equipment sales witness an upswing due to the nation's innovation, regulatory compliance, and sustainable development. 
• The France Electrical Equipments market is projected to witness growth at a CAGR of 4.7% during the forecast period with a market size of USD 44164.21million in 2024.
• According to Cognitive Market Research, the Germany Electrical Equipments market size was valued at USD 95049.06million in 2024 and is projected to grow at a CAGR of 5.7% during the forecast period. In Germany, Electrical Equipment sales surge due to the technological innovation, stringent regulatory standards, and sustainable development initiatives. 
• The Italy Electrical Equipments market is projected to witness growth at a CAGR of 4.9% during the forecast period with a market size of USD 41283.93million in 2024.
• The Russia Electrical Equipments market is projected to witness growth at a CAGR of 4.5% during the forecast period with a market size of USD 74407.09million in 2024.
• The Spain Electrical Equipments market is projected to witness growth at a CAGR of 4.6% during the forecast period with a market size of USD 39363.75million in 2024.
• The Luxembourg Electrical Equipments market is projected to witness growth at a CAGR of 5.6% during the forecast period with a market size of USD 14881.42million in 2024.
• The Portugal Electrical Equipments market is projected to witness growth at a CAGR of 5.3% during the forecast period with a market size of USD 10080.96million in 2024.
• The Greece Electrical Equipments market is projected to witness growth at a CAGR of 5.8% during the forecast period with a market size of USD 5760.55million in 2024.
• Rest of Europe Electrical Equipments market is projected to witness growth at a CAGR of 4.2% during the forecast period with a market size of USD 74407.09million in 2024.

Asia Pacific Electrical Equipment Market

According to Cognitive Market Research, the global Electrical Equipment market size was estimated at USD 1600152.5 Million out of which Asia Pacific held the fastest growing market ofaround 23% of the global revenue with a market size of USD 368035.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031. The electrical equipment market exhibits dynamic growth driven by rapid industrialization, urbanization, and technological advancements. Regional analysis reveals Asia-Pacific as a key player in the global electrical equipment industry, with countries such as China, India, Japan, and South Korea leading the market. Segmentation analysis highlights diverse product categories within the Asia-Pacific electrical equipment market, including transformers, electricity meters, distribution boards, circuit breakers, and others. In conclusion, Asia-Pacific presents a promising and rapidly evolving landscape for the electrical equipment market, characterized by innovation, infrastructure development, and increasing investments in renewable energy and smart technologies.

• According to Cognitive Market Research, the China Electrical Equipments market size was valued at USD 165615.78 million in 2024 and is projected to grow at a CAGR of 8.5% during the forecast period. Electrical Equipment sales surge in China due to the rapid industrialization, urbanization, and technological advancements.
• The Japan Electrical Equipments market is projected to witness growth at a CAGR of 7.5% during the forecast period with a market size of USD 50788.84 million in 2024.
• The India Electrical Equipments market had a market share of USD 44164.21 million in 2024 and is projected to grow at a CAGR of 10.8% during the forecast period. The demand is augmented by India's innovation, infrastructure development, and increasing investments in renewable energy and smart technologies.
• The South Korea Electrical Equipments market is projected to witness growth at a CAGR of 8.1% during the forecast period with a market size of USD 36803.51million in 2024.
• The Australia Electrical Equipments market is projected to witness growth at a CAGR of 8.7% during the forecast period with a market size of USD 19137.82 million in 2024.
• The South East Asia Electrical Equipments market is projected to witness growth at a CAGR of 10.0% during the forecast period with a market size of USD 25394.42 million in 2024.
• The Rest of Asia Pacific Electrical Equipments market is projected to witness growth at a CAGR of 8.8% during the forecast period with a market size of USD 26130.49 million in 2024.

South America Electrical Equipment Market

According to Cognitive Market Research, the global Electrical Equipments market size was estimated at USD 1600152.5 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 80007.63million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.The electrical equipment market reflects a landscape shaped by economic growth, urbanization, and infrastructure development. Regional analysis highlights Latin America's position as a growing market within the global electrical equipment industry, with countries such as Brazil, Mexico, and Argentina leading the market. Segmentation analysis reveals various product categories within the Latin America electrical equipment market, including transformers, electricity meters, distribution boards, circuit breakers, and others. In conclusion, Latin America presents a promising landscape for the electrical equipment market, characterized by opportunities for growth, innovation, and market expansion.

• According to Cognitive Market Research, the Brazil Electrical Equipments market size was valued at USD 34243.26 million in 2024 and is projected to grow at a CAGR of 7.0% during the forecast period. Electrical Equipment sales flourish in Brazil due to the nation's economic growth, urbanization, and infrastructure development.
• The Argentina Electrical Equipments market had a market share of USD 13441.28 million in 2024 and is projected to grow at a CAGR of 7.3% during the forecast period. The demand is augmented by Argentina's technological advancements.
• The Colombia Electrical Equipments market is projected to witness growth at a CAGR of 6.2% during the forecast period with a market size of USD 7120.68 million in 2024.
• The Peru Electrical Equipments market is projected to witness growth at a CAGR of 6.6% during the forecast period with a market size of USD 6560.63 million in 2024.
• The Chile Electrical Equipments market is projected to witness growth at a CAGR of 6.7% during the forecast period with a market size of USD 5760.55 million in 2024.
• The Rest of Latin America Electrical Equipments market is projected to witness growth at a CAGR of 5.5% during the forecast period with a market size of USD 12881.23 million in 2024.

Electrical Equipment Market Analysis

Electrical Equipment Market Product Segment Analysis

According to Cognitive Market Research, the dominating product category is Electronic and electrical wires and cables. Wires and cables are essential components used in various electrical installations, including residential, commercial, and industrial applications. The dominance of this category is driven by the ubiquitous need for wiring solutions to transmit electrical power and signals safely and efficiently. Moreover, the continuous expansion of infrastructure projects, urbanization, and industrialization across regions contribute to sustained demand for wires and cables. Additionally, technological advancements in materials and manufacturing processes enhance the performance, durability, and safety features of wires and cables, further solidifying their dominance in the electrical equipment market.

The fastest-growing product category in the electrical equipment market is Batteries and accumulators. With the increasing adoption of renewable energy sources, electric vehicles, and portable electronic devices, the demand for batteries and accumulators has surged significantly. Batteries and accumulators serve as energy storage solutions, providing backup power, supporting renewable energy integration, and powering portable devices. The fastest growth of this category is attributed to advancements in battery technology, such as lithium-ion batteries, which offer higher energy density, longer lifespan, and faster charging capabilities. Moreover, government incentives, environmental regulations, and consumer preferences for clean energy alternatives drive investments in battery storage systems and electric vehicle adoption, further fuelling the growth of batteries and accumulators in the electrical equipment market.

• Wiring devices 
• Batteries and accumulators 
• Electronic and electrical wires and cables 
• Others

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Electrical Equipment Industry. Request a Free Sample PDF!

Electrical Equipment Market Applications Segment Analysis

According to Cognitive Market Research, the dominating category is Distribution boards. Distribution boards, also known as breaker panels or fuse boxes, play a crucial role in distributing electrical power safely and efficiently to various circuits within residential, commercial, and industrial buildings. The dominance of this category is driven by the ubiquitous need for distribution boards in electrical installations, as they provide protection against overloads and short circuits while facilitating the organization and management of electrical wiring. Additionally, the continuous expansion of infrastructure projects, urbanization, and building construction activities contribute to sustained demand for distribution boards in the electrical equipment market.

The fastest-growing category in the electrical equipment market is Circuit Breakers. Circuit breakers serve as essential safety devices that automatically interrupt electrical circuits in the event of overloads or faults, preventing electrical fires and equipment damage. The fastest growth of this category is attributed to increasing investments in electrical infrastructure modernization, grid reliability enhancement, and safety regulations compliance across various industries. Moreover, advancements in circuit breaker technology, such as intelligent circuit breakers with remote monitoring and predictive maintenance capabilities, drive the adoption of more advanced and efficient solutions. Additionally, the growing awareness of electrical safety and the need for reliable protection mechanisms further fuel the demand for circuit breakers in the electrical equipment market.

• Transformers 
• Electricity meter 
• Distribution boards 
• Circuit Breakers 
• Others

The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Electrical Equipment market report 2024 Edition by contacting our team.

Electrical Equipment End User Segment Analysis

According to Cognitive Market Research, the dominating end-user category is Commercial. Commercial establishments such as offices, retail stores, hotels, and healthcare facilities require a wide range of electrical equipment for lighting, heating, ventilation, air conditioning (HVAC), security systems, and data centres. The dominance of this category is driven by the steady demand for electrical equipment to support commercial activities, infrastructure development, and modernization projects in urban areas. Moreover, stringent regulatory requirements, safety standards, and the need for energy-efficient solutions further contribute to the sustained demand for electrical equipment in the commercial sector.

The fastest-growing end-user category in the electrical equipment market is Residential. With urbanization, population growth, and rising standards of living, there is an increasing demand for residential electrical equipment such as wiring devices, lighting fixtures, appliances, and smart home technologies. The fastest growth of this category is fuelled by factors such as new residential construction, renovation projects, and the adoption of energy-efficient and connected home solutions. Additionally, changing lifestyles, technological advancements, and environmental consciousness drive the demand for modern electrical equipment tailored to meet the needs and preferences of homeowners, thereby accelerating growth in the residential segment of the electrical equipment market.

• Residential 
• Commercial 
• industrial

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

LinkedIn

Profile

ResearchGate Profile: https://www.researchgate.net/profile/Kalyani-Raje

An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.

Author's Conclusion